Windfall for Jhunjhunwala’s company and Bofa Securities

Ace investor Rakesh Jhunjhunwala's Rare Enterprises has earned a 53 per cent return in six days on its investment in Zee Entertainment Enterprises (ZEEL), after the company's shares zoomed 30.50 per cent to ~ 333.70 on the National Stock Exchange (NSE) on Wednesday. It trades in the futures & option (F&O) segment, which has no circuit limits.

On September 14, 2021, Rare Enterprises had bought 5 million equity shares of ZEEL, worth ~110 crore, at a price of ~220.44 per share through bulk deal transactions on the NSE. Based on current price, the investment is now worth Rs 168.60 crore.

Bofa Securities Europe, too, had purchased 4.86 million shares at an average price of ~236.2 apiece the same day. Its investment is now worth ~164 crore, following gains of ~49.1 crore. On Wednesday, the board of directors of ZEEL unanimously gave an in-principle approval for the merger of Sony Pictures Networks India (SPNI) & ZEEL.